I believe he is referring to a girl.
Here is the classic exchange:
Mowgli: [sees the girl] Look. What's that?
Bagheera: Oh, it's the man-village.
Mowgli: No, no. I mean that.
Baloo: Forget about those, they ain't nothing but trouble.
Mowgli: Just a minute. I've never seen one before.
Baloo: So you've seen one. So let's go.
Mowgli: I'll be right back. I want a better look.
Baloo: Mowgli, wait a minute.
Bagheera: Oh, Baloo. Let him have a better look.
http://www.imdb.com/title/tt0061852/quotes
